2nd Quarter Report 2021 solna plates - spiinsurance.com.pk

SPISPI Insurance Company Limited Insurance Company LimitedSPI Insurance Company Limited

2021HALF YEAR REPORT

CONTENT

03Key Management

PersonnelCorporate Information

02 04Banks

05

BUSINESS REVIEW & GOVERNANCE

13Condensed Interim

Statement of Comprehensive Income

Notes To The Condensed Interim Financial Statements

16

Condensed Interim Statement of Financial Position

11

Condensed Interim Statement of Changes in Equity

14

FINANCIAL STATEMENTS (CONVENTIONAL)

Condensed Interim Statement of Profit or Loss

12

Condensed Interim Statement of Cash Flows

15

Notes To The Condensed Interim Financial Statements

32

FINANCIAL STATEMENTS (WINDOW TAKAFUL OPERATIONS)

26Independent Auditors'

Review ReportCondensed Interim

Statement of Financial Position

27Condensed Interim

Statement of Profit or Loss

28

29Condensed Interim Statement

of Comprehensive IncomeCondensed Interim

Statement of Changes in Funds

30Condensed Interim

Statement of Cash Flows

31

10Independent Auditors'

Review Report

08Directors’ Report to the Members

ChairmanMr. Aziz Ullah Memon

Chief Executive OfficerMr. M. Saleem Sheikh

DirectorsMr. M. Asghar

Mr. Ihsan ul Haq Khan

Mrs. Tahira Raza (Member)

Mrs. Tahira Raza (Member)

Mr. Uzman Naveed Chaudhary

Mrs. Tahira Raza

Mr. Khurram Khan

Underwriting CommitteeMr. Ihsan ul Haq Khan (Chairman)

Mr. Mehmood Ali (Secretary)

Claim Settlement Committee:

Mr. Uzman Naveed Chaudhry (Chairman)Mrs. Tahira Raza (Member)Mr. Saleem Akhtar (Member/Secretary)

Reinsurance & Co-insurance Committee:

Mr. Ihsan ul Haq Khan (Chairman)

Mr. Faisal Akbar (Member/Secretary)

Chief Financial OfficerMr. Saleem Akhtar

Company Secretary Mr. Noshad Ahmed

Chief Internal AuditorMian Mohsin Aslam

Ethics, Human Resource & Remuneration Committee:Mr. M. Saleem Sheikh (Chairman)

Mr. M. Asghar (Member)

Mr. Shahid Malik (Secretary)

Mr. Ihsan ul Haq Khan (Member)

Nominations CommitteeMr. Azizullah Memon (Chairman)

Mr. Noshad Ahmed (Secretary)

Investment CommitteeMr. M. Saleem Sheikh (Chairman)Mr. Azizullah Memon (Member)Mr. Saleem Akhtar (Member/ Secretary)

Audit CommitteeMr. M. Asghar (Chairman)

Mian Mohsin Aslam (Secretary)Mr. Khurram Khan (Member)

AuditorsM/s RSM Avais Hyder Liaquat NaumanChartered Accountants

Tax ConsultantM/s M. Bilal & CompanyChartered Accountants

Legal AdvisorsM/s Kilam LawM/s Mandviwala & Zafar

Registered OfficeSuite # 204-A, Second Floor,Madina City Mall, Abdullah Haroon Road,Karachi.Phone # (021) 35221805Fax # (021) 35221806

Head OfficeUIG House,1-Upper Mall, Lahore.Phone # (042) 35776561-62-67-68, 35756563Fax # (042) 35776560E-mail: [email protected]: www.spiinsurance.com.pk

Board of Directors

Committees

Risk Management & Compliance Committee:Mr. Uzman Naveed Chaudhry (Chairman)Mr. Azizullah Memon (Member)

Mr. Saleem Akhtar (Member)Mr. Faisal Akbar (Secretary)

Mr. M. Asghar (Member)

CORPORATE INFORMATION

2 Half Year Report 2021

Deputy Managing Director

Manager Underwriting

Mr. Shaheryar Akbar Raja

Mr. Mehmood Ali

Advisor

Manager Claims

Maj. Gen. (R) Asif Duraiz Akhter

Mr. Naveed ul Haq Nomani

General Manager Re-Insurance

Shariah Advisor

Mr. Faisal Akbar (FCA)

Mufti Muhammad Umar Ashraf

Chief Executive Officer

Asistant General Manager I.T

Mr. M. Saleem Sheikh

Mr. Saqib Obaid ur Rehman

Conventional Business

Window Takaful Operations

SPI Insurance Company Limited3

KEY MANAGEMENT PERSONNEL

4

BANKS

Al-Baraka Bank (Pakistan) Limited

Allied Bank Limited

Apna Microfinance Bank Limited

Bank Al-Falah Limited

Bank Al-Habib Limited

Bank Islami Pakistan Limited

Dubai Islami Bank Pakistan Limited

Faysal Bank Limited

Finca Microfinance Bank Limted

First Women Bank Limited

Habib Bank Limited

JS Bank Limited

Meezan Bank Limited

National Bank of Pakistan

MCB Bank Limited

SILKBANK Limited

Sindh Bank Limited

Soneri Bank Limited

State Bank of Pakistan

The Karakuram Co-operative Bank Limited

Tameer Microfinance Bank Limited

The Bank Of Punjab

United Bank Limited

Zarai Taraqiati Bank Limited

Half Year Report 2021

DIRECTORS’ REPORT TO THE MEMBERS

5 SPI Insurance Company Limited

June 30, 2021

June 30, 2020

Inc / (Dec)in %

(Rupees in thousands)

Premium writtenNet Premium revenueNet claimsPremium deficiency expenseNet commission expensesManagement & other expensesUnderwriting resultsInvestment and other Income(Loss) / Profit before tax

Conventional Insurance business

Participants' Takaful fund Contribution writtenNet Contribution revenueNet claimsContribution deficiency expenseDirect expensesNet rebate income on re-takafulUnderwriting resultsInvestment and other income(Deficit) / Surplus in PTFOperator's fundWakala feeCommission expensesGeneral, management & direct expensesInvestment and other income Profit in OPF

Window Takaful Operations

280,946231,64759,303

3,56729,717

144,167(5,107)8,973(647)

301,569256,11063,224

2,00935,772

153,4741,630

10,31720,452

(6.84)(9.55)(6.20)77.55

(16.93)(6.06)

(413.31)(13.03)

(103.16)

(29.54)(76.98)152.07 (68.38)(34.71)(25.85)

(416.59)(71.12)

(411.37)

(33.24)(27.10)(14.42)(71.16)(97.12)

66,87312,62344,498

8,0866,7848,133

(38,611)54

(38,557)

34,90114,89621,409

1,780375

94,91054,84517,65325,57410,39110,96812,196

18712,383

52,27820,43425,015

6,17113,000

(103.16)(83.10)(83.87)

(647)3.0150.05

20,45217,835

0.31

Consolidated Results(Loss) / Profit before taxProfit after taxE.P.S.

Report of the Directors to the members

On behalf of the Board of Directors, we are pleased to present the half yearly review report of the SPI Insurance Company Limited together with the un-audited Financial Statements along with Window Takaful Operations for the half year ending June 30, 2021.

Financial Highlights

Overall-performance of the company during the first half of 2021 has shown some stability against the current market situation on the conventional insurance business side, the premium written stood at Rs.280.946 million as on June 30, 2021 as compared to Rs.301.569 million on June 30, 2020 showing decrease of 6.84% while the net premium registered at Rs.231.647 million as against Rs.256.110 million in the preceding year showing decrease of 9.55%. The net claims expenses stood at Rs.59.303 million as against Rs.63.224 million for the same period ending June 30, 2020 showing decrease of 6.20%. Premium deficiency expenses stood at Rs.3.567 million as against Rs.2.009 million in last year. Net commission expenses posted at Rs.29.717 million as against Rs.35.772 million in last year. The management expenses registered at Rs.144.167 million as against Rs.153.474 million as on June 30, 2020 showing decrease of 6.06%. The underwriting results registered loss at Rs.5.107 million as against profit of Rs.1.630 million in the year 2020. The investment and other income was Rs.8.973 million as against Rs.10.317 million in the year 2020 showing decrease of 13.03%. Accordingly, profit after tax posted at Rs. 3.015 million as compared to Rs.17.835 million earned by Company for the same period last year as a result the earning per share remained Rs.0.05 as compared to Rs.0.31 in the year 2020.

The written contribution under Window Takaful Operations for the period ended June 30, 2021 was Rs.66.873 million as against Rs.94.910 million in the preceding year showing decrease of 29.54% while net contribution revenue was Rs. 12.623 million as compared to Rs.54.845 million in last year. The net claims expenses stood at Rs.44.498 million as against Rs.17.653 million on June 30, 2020 showing an increase of 152.07%. The contribution deficiency expenses stood at Rs.8.086 million as against Rs.25.574 million on June 30, 2020. The direct expenses stood at Rs.6.784 million as against Rs.10.391 million on June 30, 2020. Net rebate income on re-takaful stood at Rs. 8.133 million as against Rs.10.968 million on June 30, 2020. Underwriting results registered loss at Rs.38.611 million as against Rs.12.196 million profit on June 30, 2020. Deficit arising from the Participants' Takaful fund was Rs.38.557 million as against Rs.12.383 million surplus in the year 2020. In Operator's fund, Wakala fee registered at Rs.34.901 million as against Rs.52.278 million in the preceding year showing decrease of 33.24%. Net commission expenses posted at Rs.14.896 million as against Rs.20.434 million in last year. General, management & direct expenses stood at Rs.21.409 million as against Rs.25.015 million in the year 2020 showing decrease of 14.42% in operator's fund. The investment and other income was Rs.1.780 million as against Rs.6.171 million in the year 2020 showing decrease of 71.16%. Profit arising from operator's fund is Rs.0.375 million as against Rs.13.0 million in the year 2020.

Marginal increase / (decrease) is shown in operating results during the half year ended June 30, 2021.

DIRECTORS’ REPORT TO THE MEMBERS

We would like to express our sincere gratitude to The Securities and Exchange Commission of Pakistan, State Bank of Pakistan, our Reinsurers and Bankers for their continued guidance and assistance. We would also like to take this opportunity to extend our thanks to valued customers and the shareholders for reposing their confidence. We also appreciate the efforts of the management and employees for their hard work and dedication towards the growth of the Company.

For and on behalf of the Board of Directors

On June 21, 2021 the CFO Mr. Naeem Tariq resigned who was replaced by Mr. Saleem Akhtar. The Board and management appreciate the valuable contribution of the outgoing CFO.

Future Outlook

The process of merger of SPI with UIC is at the verge of completion. However, some adverse impact on the performance of the company is due to covid-19. The management is optimistic that UIC will be beneficial due to the merger and their numbers will grow at a steady pace in due of course.

Appreciation and Acknowledgment

Place: Karachi

Muhammad Saleem Sheikh Azizullah MemonDirector & Chief Executive Chairman

Date: August 28, 2021

6

Credit Rating

The Company is rated single “A” with (stable outlook) by Pakistan Credit Rating Agency Limited (PACRA).

ISO 9001:2015 Certification

Due to overall performance during the year 2019 ISOQAR Limited has approved ISO 9001:2015 in compliance with their requirement and has issued the said certificate of registration, which is valid till March 10, 2022.



(103.16)

(83.10)

(83.87)

(647)

3.015

0.05

20,452

17,835

0.31

8

(6.84)(9.55)(6.20)77.55

(16.93)(6.06)

(413.31)(13.03)

(103.16)

280,946231,64759,303

3,56729,717

144,167(5,107)8,973(647)

301,569256,11063,224

2,00935,772

153,4741,630

10,31720,452

(29.54)

(76.98)

152.07

(68.38)

(34.71)

(25.85)

(416.59)

(71.12)

(411.37)

(33.24)

(27.10)

(14.42)

(71.16)

(97.12)

66,87312,62344,498

8,0866,7848,133

(38,611)54

(38,557)

34,90114,89621,409

1,780375

94,910

54,845

17,653

25,574

10,391

10,968

12,196

187

12,383

52,278

20,434

25,015

6,171

13,000


FINANCIAL FINANCIAL FINANCIAL STATEMENTSSTATEMENTSSTATEMENTSfor the half year ended June 30, 2021

We have reviewed the accompanying condensed interim statement of financial position of SPI Insurance Company Limited as at June 30, 2021 and the related condensed interim statement of profit or loss, condensed interim statement of comprehensive income, condensed interim statement of changes in equity, condensed interim statement of cash flows and notes to the condensed interim financial statements for the six-months period then ended (here-in-after referred to as the “condensed interim financial statements”). Management is responsible for the preparation and presentation of these condensed interim financial statements in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on these condensed interim financial statements based on our review.

Other Matter

CHARTERED ACCOUNTANTS

Introduction

To the Members of SPI Insurance Company Limited Report on review of Condensed Interim Financial Statements

We conducted our review in accordance with International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. A review of condensed interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

The engagement partner on the review resulting in this independent auditors' review report is Mr. Inam ul Haque.

Scope of Review

INDEPENDENT

RSM AVAIS HYDER LIAQUAT NAUMAN

Emphasis of matter

AUDITORS' REVIEW REPORT

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial statements are not prepared, in all material respects, in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting.

Without qualifying on conclusion, we draw attention towards Note 1.3 to the financial statements. The Board of directors of the company subsequently approved the proposed merger of the company with and into a related party M/S The United Insurance Company of Pakistan Limited (UICPL) subject to approval of the Securities and Exchange Commission of Pakistan, members of the company and High court. The assets, liabilities and operations will be merged with and into the UICPL and therefore operations will continue in UICPL .

The figures of the condensed interim statement of profit or loss and condensed interim statement of comprehensive income for the three-months period ended June 30, 2021 and 2020 have not been reviewed, as we are required to review only the cumulative figures for the six-months period then ended.

Date: August 28, 2021Place: Lahore


3

45

61011

10

911

7

8

ASSETSProperty and equipment

Intangible assets

Investments

Equity securities

Government securities

Term deposits

Total assets in Window Takaful Operations - Operator's Fund

Loans, advances and other receivables

Insurance / Reinsurance receivables

Reinsurance recoveries against outstanding claims

Deferred commission expense

Prepayments

Cash and bank balances

Total Assets

EQUITY AND LIABILITIESCAPITAL AND RESERVESOrdinary share capital

Capital reserve

Fair value reserve

Revenue reserve

Un-appropriated profit

Total Equity

LIABILITIESUnderwriting provisions

Outstanding claims (including IBNR)

Premium deficiency reserve

Unearned premium reserve

Unearned reinsurance commission

Retirement benefit obligations

Deferred tax liability

Lease liabilities

Insurance / Reinsurance payables

Other creditors and accruals

Total liabilities in Window Takaful Operations - Operator's Fund

Taxation - provision less payment

Total Liabilities

Total Equity and Liabilities

CONTINGENCIES

114,358,360 138,326

166,079,323 125,215,611 22,430,000 80,877,407 144,020,999 324,900,710 120,439,867 21,669,813 61,617,860 23,228,801 1,204,977,077

575,000,000

82,025,305

24,979,146 682,004,451

193,100,197 6,457,747 159,090,186 5,532,483 6,954,906 17,320,373 30,709,809 1,954,472 35,792,365 55,565,531 10,494,557 522,972,626 1,204,977,077

97,370,818

153,696

195,787,297

159,982,392

19,930,000

111,297,826

112,508,803

389,028,610

154,450,774

29,567,953

105,958,129

47,660,897

1,423,697,195

575,000,000

127,082,000

22,194,352

724,276,352

270,659,211

2,890,380

206,908,537

17,415,775

7,554,906

9,108,578

18,937,648

5,047,835

66,306,828

86,130,367

8,460,778

699,420,843

1,423,697,195

The annexed notes form an integral part of these condensed interim financial statements.

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UN-AUDITED) as at June 30, 2021

June, 302021

(Un-audited)Rupees

Note

December 31, 2020

(Audited)Rupees


ChairmanChief Executive Officer Director Director Chief Financial Officer

CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED)for the six-month period ended June 30, 2021

12

Net insurance premium

Net insurance claims Premium deficiency Net commission expense

Insurance claims expenses

Management expenses

Underwriting results

Investment income

Other income

Other expenses

Results of operating activities

Finance cost - on lease liabilities

Income for the period from Window Takaful Operations - Operator's Fund

(Loss) / profit for the period before taxation

Provision for taxation

(Loss) / profit for the period

Earnings per share - Basic & diluted


2021 2020 2021 2020

Rupees Rupees Rupees Rupees

9 99,657,269 256,110,901

10 1,363,031 (63,224,758)

(2,009,718) (2,009,718)

11 (26,494,480) (35,771,995)

(27,141,167) (101,006,471)

(78,060,626) (153,474,468)

(5,544,524) 1,629,962

3,898,752 7,589,996

2,636,724 2,726,917

(1 ,516,997) (2,793,473)

(526,045) 9,153,402

(890,581) (1 ,701,154)

15,169,804 12,999,644

13,753,178 20,451,892

10,986 (2,617,004)

13,764,164 17,834,888

118,498,590

(31,763,874)

(3,567 ,367)

(23,382,253)

(58,713,494)

(69,060,152)

(9,275,056)

3,589,758

724,553

(1,849,287)

(6,810,032)

(701,929)

96,928

(7,415,033)

6,404,137

(1,010,896)

(0.02) 0.23

231,647,338

(59,303,264)

(3,567 ,367)

(29,717 ,371)

(92,588,002)

(144,166,737)

(5,107,401)

7,611,899

1,360,993

(3,746,652)

118,839

(1,140,678)

374,600

(647,239)

3,662,216

3,014,977

0.05 0.31

Note

Six-months period endedJune 30,

Three-months period endedJune 30,



CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)for the six-month period ended June 30, 2021

2021 2020 2021 2020


(Loss) / profit for the period 13,764,164 17,834,888 Other comprehensive loss - net of tax

Items that may be reclassified subsequently to profit or loss:

Decrease in fair value of available for sale investments (37,182,022) (45,085,436) From Window Takaful Operations - Operator's fundDecrease in fair value of available for sale investments

(4,759,986)

(3,151,598)

(41,942,008) (48,237,034)

Total comprehensive loss for the period

(1,010,896)

(46,625,068)

(360,608)

(46,985,676)

(47 ,996,572) (28,177,844)

3,014,977

(45,056,695)

(230,183)

(45,286,878)

(42,271,901) (30,402,146)






CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)for the six-month period ended June 30, 2021

14

Balance as at January 01, 2020

Total comprehensive income / (loss) for the period

Profit for the period

Other comprehensive (loss)

Transaction with owners

Issuance of Bonus Shares

Balance as at June 30, 2020


Total comprehensive income / (loss) for the period


Other comprehensive (loss)



Capital reserve Revenue reserve

500,000,000 131,991,655 66,847,910 698,839,565

- - 17,834,888 17,834,888

- (45,085,436) (3,151,598) (48,237,034)

- (45,085,436) 14,683,290 (30,402,146)

75,000,000 - (75,000,000) -

575,000,000

86,906,219

6,531,200

668,437,419

575,000,000

127,082,000

22,194,352

724,276,352

-

-

3,014,977

3,014,977

-

(45,056,695)

(230,183)

(45,286,878)

-

(45,056,695)

2,784,794

(42,271,901)

575,000,000

82,025,305

24,979,146

682,004,451

Fair value reserve

Un-appropriated profit

--------------------------------------- Rupees ---------------------------------------

Ordinary share capital

Total D e s c r i p t i o n



CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED)for the six-month period ended June 30, 2021

15

OPERATING ACTIVITIES

a) Underwriting activities

Premiums receivedReinsurance premiums paidClaims paidReinsurance and other recoveries received / (adjusted)Commission paidCommission receivedManagement expenses paid

Net cash (used in) underwriting activities

b) Other operating activities

Income tax paidGeneral expenses paidOther operating (payments) / receiptsLoan (provided) / repaid

Net cash flows (used in) / generated from other operating activities

Total cash (used in) operating activities

INVESTING ACTIVITIES

Profit / return receivedInvestments maturedFixed capital expenditureProceeds from disposal of property and equipment

Total cash generated from investing activities

FINANCING ACTIVITIES

Payments against lease liabilities

Total cash used in financing activities

Net cash (used in) / generated from all activities

Cash and cash equivalents at beginning of the period

Cash and cash equivalents at end of the period

Reconciliation to statement of profit or loss

Operating cash flowsDepreciation / amortization expensesProvision / reversal of provision for doubtful debtsGain on disposal of fixed assetsDecrease in assets other than cashIncrease in liabilities Investment and other incomeLease chargesWindow Takaful Operations - Operator's FundProvision for taxation

profit for the period


308,346,096

(93,156,300)

(60,295,317)

(1 ,584,083)

(48,906,870)

15,952,544

(144,288,748)

(23,932,678)

(2,154,449)

(2,793,473)

12,553,793154,422

7,760,293

(16,172,385)

9,846,01119,257,219(4,615,487)

8,000

24,495,743

(5,751,567)

(5,751,567)

2,571,791

32,113,521

34,685,312

(16,172,385)

(8,596,303)

1,012,983

3,590

(83,819,256)106,411,450

10,313,323

(1 ,701,154)12,999,644(2,617,004)

17,834,888

268,023,573 (56,256,730)

(211,438,533)

179,548,972

(40,555,052)

2,008,644

(160,773,406)

(19,442,532)

(1,440,931)

(3,746,652)

(20,617 ,243)

(798,144)

(26,602,970)

(46,045,502)

4,200,103

30,190,875

(2,040,733)

1,308,000

33,658,245

(12,044,839)

(12,044,839)

(24,432,096)

47,660,897

23,228,801

(46,045,502)

(8,626,823)

(6,088,772)

1,049,262

(137 ,362,596)

188,220,378

8,972,892

(1,140,678)374,600

3,662,216

3,014,977

2020Rupees

2021Rupees


SPI Insurance Company Limited


Total assets, total liabilities, profit / (loss), comprehensive income of the Window Takaful Operations of the Company referred to as the Operator's Fund has been included in these condensed interim financial statements in accordance with the requirements of Circular 25 of 2015 dated 9 July, 2015.

LEGAL STATUS AND NATURE OF BUSINESS

The board of directors of the Company has subsequently approved the proposed merger of the Company with and into its related party, M/s The United Insurance Company of Pakistan Limited (UICPL), subject to approval by the Securities and Exchange Commission of Pakistan (SECP) and members of the Company. As per scheme of arrangements approved by the board of directors of both companies and subsequently filed with SECP, assets, liabilities and operations of the Company will be merged with and into UICPL subject to approval of SECP, members of the company and High Court. Merger petition will be filed with High Court in due course. The operations of the Company will continue in UICPL with which the Company will be merged.

Where the provisions of and directives issued under the Companies Act, 2017, the Insurance Ordinance, 2000, the Insurance Rules 2017, Takaful Rules, 2012 and the Insurance Accounting Regulations, 2017 (referred to as relevant local laws) differ with the requirements of IAS 34, the provisions of and directives issued under relevant local laws have been followed.

The disclosures made in these condensed interim financial statements have, however, been limited based on the requirements of the International Accounting Standard 34: 'Interim Financial Reporting'. These condensed interim financial statements do not include all the information and disclosures required in a full set of financial statements and should be read in conjunction with the audited annual financial statements of the Company for the year ended December 31, 2020.

These condensed interim financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of:

SPI Insurance Company Limited (the Company) is an unquoted public limited company incorporated in Islamabad, Pakistan on February 15, 2005 under the repealed Companies Ordinance, 1984 (repealed under the Companies Act, 2017). The Company is engaged in non-life insurance business mainly comprising of fire, marine, motor, health and miscellaneous. The Company commenced its commercial operations on April 13, 2005. The registered office of the Company is situated at suite # 204-A, Second Floor, Madina City Mall, Abdullah Haroon Road, Karachi, in the province of Sindh and principal office of the Company is situated at UIG House 6-D, 1st Floor, Upper Mall, Lahore, in the province of Punjab, Pakistan.

-International Accounting Standard (IAS) 34, Interim Financial Reporting, issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017; and

Statement of compliance

The Company has been allowed to work as Window Takaful Operator through License No. 3 on November 20, 2014 by Securities and Exchange Commission of Pakistan under Window Takaful Rules, 2012 to carry on Islamic General Insurance in Pakistan. It has not transacted any business outside Pakistan.

BASIS OF PREPARATION

-Provisions of and directives issued under the Companies Act, 2017, Insurance Ordinance, 2000, Insurance Rules 2017, Takaful Rules, 2012 and Insurance Accounting Regulations, 2017.

These condensed interim financial statements have been presented in Pakistani Rupees, which is also the functional and presentation currency of the Company.

1

22.12.1.1

1.1

1.2

1.3

2.1.2

2.1.3

2.1.4

16

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED)for the six-month period ended June 30, 2021


Estimates, judgements and risk management policies

The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

Risk management policies and procedures are consistent with those disclosed in the audited annual financial statements of the Company for the year ended December 31, 2020.

Significant areas of estimation uncertainty and critical judgments in applying accounting policies that have the most significant effect on amounts recognized in these condensed interim financial statements are the same as those disclosed in the audited annual financial statements of the Company for the year ended December 31, 2020.

The preparation of these condensed interim financial statements in conformity with approved accounting standards, as applicable in Pakistan, requires the management to make judgments, estimates and assumptions that affect application of accounting policies and reported amounts of assets, liabilities, income and expenses.

2.2.1

2.2.2

2.2

Basis of measurementThese condensed interim financial statements have been prepared under the historical cost convention except certain financial instruments that are carried at fair value. Significant Accounting PoliciesThe accounting policies and methods of computation followed in the preparation of these condensed interim financial statements are the same as those applied in the preparation of the audited financial statements of the Company for the year ended December 31, 2020.

Application of new and revised international financial reporting standardsStandards, amendments to published approved accounting standards and interpretations becoming effective in current period:There are certain new standards, amendments and International Financial Reporting Interpretations Committee (IFRIC) interpretations that became effective during the period and are mandatory for accounting periods of the Company beginning on or after January 01, 2021 but are considered not to be relevant or not to have any significant effect on the Company's operations. The new standards, amendments and IFRIC interpretations that are relevant to the operations of the Company are disclosed in the audited financial statements of the Company for the year ended December 31, 2020.

Standards, amendments to published approved accounting standards and interpretations becoming effective in future periods:There are other new standards, amendments and IFRIC interpretations that are mandatory for accounting periods of the Company beginning on or after January 01, 2021 but are considered not to be relevant or not to have any significant effect on the Company's operations. The new standards, amendments and IFRIC interpretations that are relevant to the operations of the Company are disclosed in the audited financial statements of the Company for the year ended December 31, 2020.

2.5

2.4

2.3

2.5.1

2.5.2


17

SPI Insurance Company Limited


3 PROPERTY AND EQUIPMENT

Operating fixed assets

Owned assetsLeased assetsAdvances for vehicles-under lease

3.1 Additions and deletions in property and equipment

Following are the major additions and deletions during the period

Tangible owned assets

Furniture and fixtures

Office equipmentComputer equipmentMotor vehiclesTracking devices

Leased assetsLeased vehicles

4

Cost Fair Value Cost Fair Value

Available for saleRelated party

Listed sharesApna Microfinance Bank Limited 8,462,237

50,011,000

165,775,223

8,462,237

50,011,000 195,477,675Others

Listed shares

Saudi Pak Leasing Company Limited (Note 4.1) 16,065 226,625 39,360 16,065 226,625 20,082

Kohinoor Industries Limited 31,000 313,100 264,740 31,000 313,100 289,540

INVESTMENTS IN EQUITY SECURITIES

June 30, 2021 (Un-audited)

December 31, 2020 (Audited)

---------- Rupees ---------- ---------- Rupees ----------

Number of shares

Number of shares

June 30, 2021

December 31,2020

(Un-audited) (Audited)

Rupees Rupees

57,499,860 60,436,045 56,858,500 36,934,773

16,455,000 -

114,358,360 97,370,818

2021 2020 2021 2020


457,750

33,250

-

-

592,489

124,299

15,194

-837,494 312,438 - -

- 232,500 243,544 4,410153,000 - - -

2,040,733 702,487 258,738 4,410



Additions (at cost) Deletions (at net book value)

7,362,000 3,913,000 - -

Callmate Telips Telecom

Limited (Note 4.2) 32,000

-

-

32,000

- -8,541,302 50,550,725 166,079,323 8,541,302 50,550,725 195,787,297

18


5.1

5.2

5

June 30,2021

December 31, 2020

June 30,2021

December 31, 2020

June 30,2021

December 31, 2020

(Un-audited) (Audited) (Un-audited) (Audited) (Un-audited) (Audited)

Held to maturity21 21 104,000,000 104,000,000 103,142,579 105,218,485 21 3 22,135,000 57,300,000 22,073,032 54,763,907

22 24 126,135,000 161,300,000 125,215,611 159,982,392

Pakistan investment bonds (Note 5.1)Treasury bill (Note 5.2)

INVESTMENTS IN GOVERNMENT SECURITIES

Number of Certificates Face Value Value of Certificates

-------------------------------- Rupees --------------------------------

These represent PIBs held with different banks having maturity periods ranging from 5 to 10 years (December 31, 2020: 5 to 10 years). These carry return at the rate ranging between 6.60% to 13.50% per annum. These include bonds having face value of Rs. 58.2 million (December 31, 2020: Rs. 58.2 million) held with State Bank of Pakistan as per requirements of Section 29 of the Insurance Ordinance, 2000.

These represent treasury bill having maturity period of 1 year. These carry return at the rate of 6.75% to 7.18% per annum (December 31, 2020: 6.75% to 7.18% per annum).



4.1

4.2

These shares are deposited into CDC account and blocked on the instructions of Securities and Exchange Commission of Pakistan (SECP) in accordance with Circular No. 9 of 2006 issued by the SECP, which requires promoters / majority shareholders of the company to deposit their shares into CDC blocked account. Trading in shares has been suspended.

6

Due from insurance contract holders Considered good Considered doubtful Less: provision for impairment

Due from insurers / reinsurers Considered good Considered doubtful Less: provision for impairment

93,468,328 21,824,337

(21,824,337) -

93,468,328

( 295,560,282 10,505,390

(10,505,390) -

295,560,282 389,028,610

102,184,237 26,031,110 (26,031,110)

- 102,184,237

222,716,473 12,387,389 (12,387,389)

- 222,716,473 324,900,710

INSURANCE / REINSURANCE RECEIVABLES

2021 2020(Un-audited) (Audited)

Rupees Rupees

June 30, December 31,

7.1 It comprises of:Deferred tax assets:

Provisions

Retirement benefit obligations

Lease liabilities

Carry forwardable tax losses

Minimum tax credits

Deferred tax liabilities:

Accelerated depreciation and amortization

Unrealised appreciation on revaluation of available-for-sale investments

Unrealized investment income

12,439,327

1,807,324

(5,138,073)-

(5,138,073)

9,108,578

(9,375,621)

(2,190,923)

(5,491,918)

-

(7,771,215)

14,049,022

18,154,572

1,734,661

9,108,578

9,108,578

(7,136,926)

(3,713,497)19,062,21815,348,721

17,320,373

(13,014,112)

(2,016,923)

(8,905,845)

(2,836,285)

(11,245,925)

20,041,478

33,503,293

1,794,692

17,320,373

7.1

Deferred tax liability / (asset)Opening deferred tax liability / (asset)Provision recognized in:

- statement of profit or loss

- other comprehensive incomeFor the yearPior year

Closing deferred tax liability

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED)

7 DEFERRED TAXATION

2021 2020(Un-audited) (Audited)

Rupees Rupees

June 30, December 31,

CONTINGENCIES

There is no significant change from contingencies reported in the audited annual financial statements for the year ended December 31, 2020.

6.1

Due from insurance contract holdersSilk Bank LimitedThe United Insurance Company Limited

This includes receivable from the following related parties:

Due from insurers / reinsurersThe United Insurance Company Limited

Maximum aggregate amount due from these related parties at any time during the period/year

48,837,812 21,765,089- 13,042,344

48,837,812 34,807,433

- 150,003,109

184,810,542 184,810,542

8


for the six-month period ended June 30, 2021

NET INSURANCE PREMIUM 9

Three-months period ended

June 30,Six-months period ended

June 30,

2021 2020 2021 2020


125,562,982 157,444,561

280,946,255 301,569,336

207,036,662 200,256,755 206,908,537 233,163,578 (159,090,186) (188,870,190) (159,090,186) (188,870,190)

173,509,458

168,831,126

328,764,606 345,862,724

26,180,862 60,750,178 53,163,367 96,583,608 90,447,866 89,783,797 105,571,761 74,528,333

(61,617,860)

(81,360,118)

(61,617,860) (81,360,118)

55,010,868 69,173,857 97,117,268 89,751,823

118,498,590 99,657,269 231,647,338 256,110,901

2021 2020 2021 2020


113,482,621

19,737,918

211,438,533

60,295,317193,100,197 272,820,873 193,100,197 272,820,873 (209,883,342) (196,289,462) (270,659,211) (176,934,310)

96,699,476 96,269,329 133,879,519 156,181,880

62,149,775 3,395,791 108,587,162 6,932,385

120,439,867 165,221,394 120,439,867 165,221,394

(117,654,040) (70,984,825) (154,450,774) (79,196,657)64,935,602 97,632,360 74,576,255 92,957,122

31,763,874 (1,363,031) 59,303,264 63,224,758



Written gross premium

Premium earned

Less:

Reinsurance premium ceded

Reinsurance expense

10

Claims paid

Claims expense

Less:

Reinsurance and other recoveries receivedAdd: Closing reinsurance and other recoveries

in respect of outstanding claims Less: Opening reinsurance and other recoveries

in respect of outstanding claims Reinsurance and other recoveries revenue

Less: Closing unearned premium reserve

Add: Opening prepaid reinsurance premium Less: Closing prepaid reinsurance premium

NET INSURANCE CLAIMS

Less: Opening outstanding claims including IBNR Add: Closing outstanding claims including IBNR

Add: Opening unearned premium reserve




Transactions with related parties other than those which have been specifically disclosed elsewhere in these condensed interim financial statements are as follows:

Related parties comprise chief executive officer, directors, major shareholders, key management personnel, associated companies, entities with common directors and post employment benefit plans. The transactions with related parties are carried out at commercial terms and conditions and compensation to key management personnel is on employment terms.

RELATED PARTY TRANSACTIONS12

Rupees Rupees

TransactionsAssociated companies

Gross insurance premium written Reinsurance premium ceded Claims Paid Reinsurance and other recoveries received Received / adjusted during the period Bank charges Profit on term deposit receipts Profit on bank deposits Advance paid against services - net Motor tracking device charges Rent expense

Provident fund plan Contributions made during the period

22,598,846 -

1,353,778 27,943,490

13,840,902 8,781

1,092,199 1,895 316,957 770,419 559,350

2,521,493

11,368,774 60,910,788 3,298,228 6,760,231

19,370,710 8,691

1,080,103 1,854 530,000 205,465 508,500

3,118,746

2021 2020Rupees Rupees

June 30, June 30,

29,293,506 33,180,784 43,609,307 50,568,527

1,054,631 10,334,716 2,008,644 15,952,544 10,389,105 10,035,228 17,415,775 12,527,628 (5,532,483) (13,683,640) (5,532,483) (13,683,640)

5,911,253 6,686,304 13,891,936 14,796,532

23,382,253 26,494,480 29,717,371 35,771,995

Net CommissionLess: Commission from reinsurers

Commission received or recoverableAdd: Opening unearned Reinsurance commissionLess: Closing unearned Reinsurance commission

2021 2020 2021 2020


16,026,944 25,428,610 35,711,167 47,630,02834,936,375 33,980,684 29,567,953 29,167,009

(21,669,813) (26,228,510) (21,669,813) (26,228,510)



11

Commission paid or payable

Add: Opening deferred commission expenseLess: Closing deferred commission expense

NET COMMISSION EXPENSE



13 SEGMENT INFORMATION



245,405,64527,104,694

8,435,916

280,946,255

328,764,606(3,567,367)

(97,117,268)

228,079,971

13,891,936

241,971,907

(133,879,519)

74,576,255

(59,303,264)(43,609,307)

(144,166,737)

(247,079,308)

(5,107,401)

7,611,899

1,360,993

(3,746,652)

(1,140,678)

374,600

(647,239)

528,628,218

676,348,859

1,204,977,077

362,567,719160,404,907522,972,626

38,211,811

99,654,892

482,237

56,543,194 669,285 5,230,542 - 10,950,977

1,831,705

4,426,348

-

581,535Gross written premium 40,712,801

109,311,782

482,237

68,075,706

Insurance premium earned 44,057,471

126,218,002

1,877 ,165

80,274,013Premium deficiency - - - -

(13,506,027)

(32,711,364)

-

(10,257,794)

Net insurance premium 30,551,444 93,506,638 1,877 ,165 70,016,219Commission income 943,425

6,524,670

-

2,379,776

Net underwriting income 31,494,869

100,031,308

1,877 ,165

72,395,995

Insurance claims (1,535,966)

(29,176,788)

13,236,620

(35,757,088)Reinsurance and

other recoveries revenue 85,000 9,658,803 (2,394,022) 15,706,156

Net claims (1,450,966) (19,517,985) 10,842,598 (20,050,932)Commission expense (7 ,217,591) (14,453,283) (212,721) (6,110,463)Management expenses (20,891,653)

(56,093,017)

(247,458)

(34,932,848)

Net insurance claims and expenses (29,560,210)

(90,064,285)

10,382,419

(61,094,243)

Underwriting results 1,934,659

9,967,023

12,259,584

11,301,752

Net investment income

Other income

Other expenses

Finance cost

Income from Window Takaful Operator's Fund

Profit for the period before taxation

Insurance premium ceded to reinsurers

Gross direct premium Facultative inward premium Administrative surcharge

Segment assets 50,459,703

153,194,639

1,353,287

150,185,327

Unallocated assets

-

-

-

-

50,459,703

153,194,639

1,353,287

150,185,327

Segment liabilities 12,726,111 127,234,910 12,523,060 100,781,927Unallocated liabilities - - - -

12,726,111 127,234,910 12,523,060 100,781,927

As at June 30, 2021

50,513,511

10,253,890

1,596,328

62,363,729

76,337,955

(3,567,367)

(40,642,083)

32,128,505

4,044,065

36,172,570

(80,646,297)

51,520,318

(29,125,979)

(15,615,249)

(32,001,762)

(76,742,990)

(40,570,420)

173,435,262

-

173,435,262

109,301,711-

109,301,711

Six-months period endedJune 30, 2021

Marine, aviation and

transportMotor

Crop and livestock

Miscellaneous Total

--------------------------------------------------------R upees--------------------------------------------------------

Fire and property damage





Marine, aviation and

transportMotor

Crop and livestock

Miscellaneous Total

------------------------------------------------------------------Rup ees------------------------------------------------------------------

These condensed interim financial statements were authorized for issue by Board of Directors in its meeting held on...August 28, 2021....

Separate set of condensed interim financial statements representing assets, liabilities, revenues, expenses and profit of Window Takaful Operations has been annexed to these condensed interim financial statements as per the requirement of Takaful Rules, 2012.Provision for taxation in these condensed interim financial statements is subject to adjustment in annual financial statements.

There is no unusual item included in these condensed interim financial statements which is affecting the assets, liabilities, equity, profit, comprehensive income and cash flows of the Company.

Figures have been rounded off to the nearest Rupees.

14

15

DATE OF AUTHORIZATION FOR ISSUE

GENERAL

Commission expense (18,287,381) (8,052,673) (14,572,552) (890,539) (8,765,382) (50,568,527)Management expenses (42,408,517) (22,270,137) (52,143,701) (3,111,869) (33,540,245) (153,474,469)

Net insurance claims and expenses (85,001,952) (31,979,328) (86,632,321) (8,278,307) (55,375,846) (267,267,754)

Underwriting results (19,362,641) (2,736,044) 11,717,645 (1,101,032) 13,112,033 1,629,961Net investment income 7,589,996Other income 2,726,917Other expenses (2,793,473)Finance cost (1,701,154)(Loss) from Window Takaful Operator's Fund 12,999,644

Profit before taxation 20,451,891


65,990,605

198,380,915

7,963,519

138,450,619

678,619,138Unallocated assets - - - - - 745,078,057

267,833,480 65,990,605 198,380,915 7,963,519 138,450,619 1,423,697,195

Segment liabilities 191,209,659 19,707,553 159,844,828 29,390,509 102,769,190 502,921,739Unallocated liabilities - - - - - 196,499,104

191,209,659 19,707,553 159,844,828 29,390,509 102,769,190 699,420,843

As at December 31, 2020

15.1

15.2

15.3

15.4


301,569,336

210,959,24484,596,230

6,013,862

345,862,724(2,009,718)

(89,751,823)254,101,183

14,796,532268,897,715

(156,181,880)

92,957 ,122(63,224,758)

Gross written premium 43,759,659

102,459,655

6,114,660

65,904,835

29,143,566

80,827,153

6,078,704

39,968,79613,224,435 19,004,573 - 25,294,362

1,391,658

2,627,929

35,956

641,677

Insurance premium earned 43,469,048 114,852,533 7,605,456 80,003,458Premium deficiency - - - -

(16,144,117) (20,699,212) (428,181) (15,279,408)Net insurance premium 27 ,324,931 94,153,321 7,177 ,275 64,724,050Commission income 1,918,353 4,196,645 - 3,763,829Net underwriting income 29,243,284 98,349,966 7,177 ,275 68,487,879

Insurance claims (1,855,938) (17,522,530) (4,275,899) (14,281,081)Reinsurance and

other recoveries revenue 199,420 (2,393,538) - 1,210,862 Net claims (1,656,518) (19,916,068) (4,275,899) (13,070,219)

Insurance premium ceded to reinsurers

Gross direct premium Facultative inward premium Administrative surcharge

83,330,527

54,941,025

27 ,072,860

1,316,642

99,932,229

(2,009,718)(37 ,200,905)60,721,606

4,917,70565,639,311

(118,246,432)

93,940,378 (24,306,054)



FINANCIAL FINANCIAL FINANCIAL STATEMENTSSTATEMENTSSTATEMENTSfor the half year ended June 30, 2021

To the members of SPI Insurance Company LimitedReport on review of Condensed Interim Financial Statements of Window Takaful Operations

AUDITORS' REVIEW REPORT

We have reviewed the accompanying condensed interim statement of financial position of Window Takaful Operations of SPI Insurance Company Limited (the Company) as at June 30, 2021 and the related condensed interim statement of profit or loss, condensed interim statement of comprehensive income, condensed interim statement of changes in funds, condensed interim statement of cash flows and notes to the condensed interim financial statements for the six-months period then ended (here-in-after referred to as the “condensed interim financial statements”). Management is responsible for the preparation and presentation of these condensed interim financial statements in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on these condensed interim financial statements based on our review.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial statements are not prepared, in all material respects, in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting.

Conclusion

Without qualifying on conclusion, we draw attention towards Note 1.4 to the financial statements. The Board of directors of the company subsequently approved the proposed merger of the company with and into a related party M/S The United Insurance Company of Pakistan Limited (UICPL) subject to approval of the Securities and Exchange Commission of Pakistan, members of the company and High court. The assets, liabilities and operations of Window takaful will merge with and into Window takaful operations of UICPL and therefore, Window takaful operations will continue in UICPL.

INDEPENDENT

Emphasis of Matter

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. A review of condensed interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Other Matter

Introduction

The figures of the condensed interim statement of profit or loss and condensed interim statement of comprehensive income for the three-months period ended June 30, 2021 and 2020 have not been reviewed, as we are required to review only the cumulative figures for the six-months period then ended.

The engagement partner on the review resulting in this independent auditors' review report is Mr. Inam ul Haque.

RSM AVAIS HYDER LIAQUAT NAUMAN

Date: August 28, 2021

CHARTERED ACCOUNTANTSPlace: Lahore


As at June 30, 2021

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UN-AUDITED)

27

Assets

Property and equipment

Intangible assets

Investments in

Equity securities

Term deposit receipts

Loans and other receivables

Takaful / Retakaful receivables

Deferred wakala fee

Wakala fee receivable fromParticipants' Takaful Fund

Retakaful recoveries against

Outstanding claims

Deferred commission expense

Prepaid re-takaful contribution

Cash and bank balances

Total Assets

Equity and LiabilitiesCapital and ReservesOperator's Fund

Statutory reserve

Fair value reserve

(Accumulated loss)

Total Shareholders' Equity

Participants' Takaful Fund

Waqf money

Accumulated (deficit) /surplus Balance of Participants' Takaful FundLiabilitiesUnderwriting provisions

Outstanding claims (including IBNR)Unearned contribution reserve

Contribution deficiency reserveReserve for unearned re-takaful rebate

Unearned wakala feeTakaful / Retakaful payablesOther creditors and accrualsWakala fee payable to Operator's FundTotal Liabilities

Total Equity and LiabilitiesContingencies and Commitments


June 30, 2021

December 31, 2020

June 30, 2021

December 31, 2020

(Un-audited) (Audited) (Un-audited) (Audited)

3 4,859,378

5,716,916

2,406,536

2,465,642

-

-

99,783

110,869

-

-

9,097,055

8,834,835

4 1,100,000

1,100,000

-

60,141,710

-

-

18,574,538

21,673,671

5 76,613,181

182,920,290

-

-

23,921,666

32,073,328

-

-

-

-

518,321

792,332

11 84,743,865

48,411,168

-

-

10 -

-

8,874,943

14,218,937

8 27,908,525 34,299,542 - -

12,050,169

7,881,463

41,306,231

3,059,830

231,196,784

312,402,707

80,877,407

111,297,826

-

-

50,000,000

50,000,000

-

-

-

230,183

-

-

(24,688,124)

(25,062,724)

-

-

25,311,876

25,167,459

500,000

500,000

-

-

(14,364,462)

24,192,481

-

-(13,864,462)

24,692,481

-

-

11 129,868,349

130,703,634

-

-

8 59,840,537

80,183,312

-

-

8,085,951 - - -9 5,265,810

7,562,715

-

-- - 23,921,666 32,073,328- 21,211,831 - -

6 41,482,278 47,256,402 31,643,865 54,057,039518,321 792,332 - -

245,061,246 287,710,226 55,565,531 86,130,367

231,196,784 312,402,707 80,877,407 111,297,8267 - - - -

-------------------------------------------------------------- Rupees --------------------------------------------------------------

Note

Participants' Takaful Fund Operator's Fund

Window Takaful OperationsSPI Insurance Company Limited


28


CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED)

107,635,370

(52,790,287)

54,845,083

10,968,189

65,813,272

(17,652,604)

(25,573,613)

(43,226,217)

(10,390,967)

12,196,088

59,662

127 ,541

12,383,291

52,277,953

(20,434,161)

(23,928,392)

7,915,400

6,135,442

35,335

(1,086,533)

12,999,644

52,314,833

(39,691,643)

12,623,190

8,133,003

20,756,193

(44,498,006)

(8,085,951)

(52,583,957)

(6,783,650)

(38,611,414)

15,081

39,390

(38,556,943)

34,900,808

(14,896,439)

(20,258,001)

(253,632)

1,605,884

174,139

(1,151,791)

374,600

67 ,051,294

(30,253,572)

36,797,722

6,079,361

42,877,083

(5,603,120)

(24,274,953)

(29,878,073)

(2,459,924)

10,539,086

47 ,579

33,982

10,620,647

31,012,668

(9,860,615)

(11,514,704)

9,637,349

6,135,442

13,201

(616,188)

15,169,804

25,474,632

(22,993,297)

2,481,335

4,408,436

6,889,771

(41,940,643)

(8,085,951)

(50,026,594)

2,965,265

(40,171 ,558)

-

13,653

(40,157 ,905)

16,998,939

(8,004,181)

(9,376,320)

(381,562)

960,884

167 ,023

(649,416)

96,929

2021 2020 2021 2020



Contribution earned 8

Less: Contribution ceded to retakaful 8

Net contributions revenue

Re-takaful rebate earned 9

Net underwriting income

Net claims 11

Reversal / (Charge) of contribution deficiency reserve

Other direct expenses

(Deficit)/surplus before investment income

Investment income

Other income

(Deficit)/surplus for the period

Operator's Fund

Wakala fee 8

Commission expense 10

General, administrative and management expenses

Investment income

Other income

Direct expenses



Note

Three-months period ended June 30,

Six-months period ended June 30,



29


CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)

2021 2020 2021 2020



(Deficit)/surplus for the period

Other comprehensive income

Total comprehensive (loss)/income for the period

Operator's Fund


Other comprehensive (loss)/income:

Items that may be reclassified subsequently to profit or loss:

Increase in fair value of available for sale investments Other Items

Fair value reserve realized on sale of available for sale investments

Total comprehensive (loss) / income for the period

(40,157 ,905)

-

(40,157 ,905)

96,929

(360,608)

-

(360,608)

(263,679)

10,620,647

-

10,620,647

15,169,804

(1,570,475)

-

(1,570,475)

13,599,329

(38,556,943)

-

(38,556,943)

374,600

(230,183)

-

(230,183)

144,417

12,383,291

-

12,383,291

12,999,644

37 ,913

(3,189,511)

(3,151,598)

9,848,046






30

CONDENSED INTERIM STATEMENT OF CHANGES IN FUNDS (UN-AUDITED)


Total comprehensive Income for the period

Surplus for the period

Other comprehensive income for the period



Total comprehensive loss for the period

Deficit for the period

Other comprehensive income for the period



Total comprehensive income for the period


Other comprehensive loss for the period



Total comprehensive income for the period


Other comprehensive loss for the period



500,000 13,051,535 13,551,535

- 12,383,291 12,383,291

- - - - 12,383,291 12,383,291

500,000 25,434,826 25,934,826

500,000 24,192,481 24,692,481

- (38,556,943) (38,556,943)

- - - - (38,556,943) (38,556,943)

500,000 (14,364,462) (13,864,462)

50,000,000 3,189,511 (31 ,367,683) 21 ,821,828

- - 12,999,644 12,999,644

- (3,151,598) - (3,151,598) - (3,151,598) 12,999,644 9,848,046

50,000,000 37 ,913 (18,368,039) 31 ,669,874

50,000,000 230,183 (25,062,724) 25,167,459

- - 374,600 374,600

- (230,183) - (230,183) - (230,183) 374,600 144,417

50,000,000 - (24,688,124) 25,311,876

----------------------------------------- Rupees -------------------------------------------

Attributable to share holders of the Company

Statutory reserve Fair value

reserve

Unappropriated profit /

(Accumulated loss) Total

----------------------------- Rupees -----------------------------

Attributable to Participants of the PTF

Waqf money Accumulated

surplus / (deficit) Total




CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED)

31

2021 2020 2021 2020

Participants' takaful fund Operator's fund


------------------------------------------R upees------------------------------------------OPERATING ACTIVITIES

a) Takaful activities:

Contribution received Wakala fees receivedRetakaful contribution paidClaims paidRetakaful and other recoveries receivedCommission paidRetakaful rebate receivedDirect expenses

Net cash flow generated from / (used in) takaful activities

b) Other operating activities:

General and management expenses paidPayments against short term leasesOther operating (payments)/receipts

Net cash flows (used in) operating activities

Total cash flow generated from / (used in) all operating activities

INVESTMENT ACTIVITIES

Investment income received Fixed assets purchasedProceeds from sale of fixed assetsInvestments matured / redeemedPurchase of investment

Total cash flow generated from investing activities

Net cash generated from / (used in) all activities

Cash and cash equivalents at the beginning of the period

Cash and cash equivalents at the end of the period

Reconciliation to statement of profit or loss

Total cash flow generated from / (used in) all operating activities Depreciation and amortization Contribution deficiency(Increase) / Decrease in assets other than cash(Decrease) / Increase in liabilitiesInvestment and other income

(Loss) / Profit for the period

60,163,161 -

(54,512,457) (111,219,061) 140,407,374

- 5,836,098

(3,763,599)

36,911,516

- -

(32,757,891)

(32,757,891)

4,153,625

15,081 - - - -

15,081

4,168,706

7,881,463

12,050,169

4,153,625 (857,538)

(8,085,951) (1,578,451)

(32,203,709) 15,081

(38,556,943)

53,842,795 -

(44,015,315) (29,316,757)

8,461,878 -

9,067,061 (2,396,323)

(4,356,661)

- -

(2,639,334)

(2,639,334)

(6,995,995)

59,662 - - - -

59,662

(6,936,333)

11,267,782

4,331,449

(6,995,995) (1,225,054)

(25,573,613) 20,709,266 25,281,484

187,203

12,383,291

- 27,023,157

- -

- (31,965,619)

- -

(4,942,462)

(18,438,106) (2,766,994)

3,273,272

(17,931,828)

(22,874,290)

1,605,884 (180,500) 46,000 59,649,307 -

61,120,691

38,246,401

3,059,830

41,306,231

(22,874,290) (204,692)

- (20,254,195) 43,533,638

174,139

374,600

- 42,389,553 - - - (16,936,296) - -

25,453,257

(30,125,772) (2,364,689) 5,653,274

(26,837,187)

(1,383,930)

6,135,442 - (6,118,084)

17,358

(1,366,572)

3,505,865

2,139,293

(1,383,930) (248,930) - 14,728,765 (6,267,038) 6,170,777

12,999,644





Statement of compliance

SPI Insurance Company Limited (the Company) is an unquoted public limited company incorporated in Pakistan on February 15, 2005 under the repealed Companies Ordinance, 1984 (now Companies Act, 2017). The Company is engaged in non-life insurance business mainly comprising of fire, marine, motor, health and miscellaneous. The Company commenced its commercial operations on April 13, 2005. The registered office of the Company is situated at suite # 204-A, Second Floor, Madina City Mall, Abdullah Haroon Road, Karachi and principal office of the Company is situated at UIG House 6-D, 1st Floor, Upper Mall, Lahore, Pakistan.

LEGAL STATUS AND NATURE OF BUSINESS

The Company has been allowed to work as Window Takaful Operator through License No. 3 dated November 20, 2014 by the Securities and Exchange Commission of Pakistan under Window Takaful Rules, 2012 to carry on Islamic General Insurance in Pakistan. It has not transacted any business outside Pakistan.

For the purpose of carrying on the takaful business, the Company has formed a waqf for participants' equity fund. The Waqf namely SPI Insurance Company Limited - Window Takaful Operations Waqf Fund (hereafter referred to as participant takaful fund (PTF)) on October 29, 2014 was executed under a trust deed by the Company with a ceded money of Rs. 500,000. Waqf deed also governs the relationship of Operator and policy holders for management of takaful operations, investment of policy holder's funds and investment of Operator's funds approved by Shariah advisor of the company.

The board of directors of the Company has subsequently approved the proposed merger of the Company with and into its related party, M/s The United Insurance Company of Pakistan Limited (UICPL), subject to approval by the Securities and Exchange Commission of Pakistan (SECP) and members of the Company. As per scheme of arrangements approved by the board of directors of both parties and subsequently filed with SECP, assets, liabilities and operations of Window takaful operations of the Company will be merged with and into UICPL subject to approval of SECP, members and High Court. Merger petition will be filed with High Court in due course. The operations of Window Takaful Operations will continue in Window takaful of UICPL.

BASIS OF PREPARATION

These condensed interim financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of:

- International Accounting Standard (IAS) 34, Interim Financial Reporting, issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017; and

- Provisions of and directives issued under the Companies Act, 2017, Insurance Ordinance, 2000, Insurance Rules, 2017, Takaful Rules, 2012, Insurance Accounting Regulations, 2017 and General Takaful Accounting Regulations, 2019.

Where the provisions of and directives issued under the Companies Act, 2017, Insurance Ordinance, 2000, Insurance Rules, 2017, Takaful Rules, 2012, Insurance Accounting Regulations, 2017 and General Takaful Accounting Regulations, 2019 (referred to as relevant local laws) differ with the requirements of IAS 34, the provisions of and directives issued under relevant local laws have been followed.

These condensed interim financial statements reflect the financial position and results of operations of both the Operator's Fund and Participants' Takaful Fund in a manner that the assets, liabilities, income and expenses of the Operator's Fund and Participants' Takaful Fund remain separately identifiable.

2.1

1.1

1.2

1.3

1.4

2.1.1

2.1.2

2

1

32



The disclosures made in these condensed interim financial statements have, however, been limited based on the requirements of the International Accounting Standard 34: 'Interim Financial Reporting'. These condensed interim financial statements do not include all the information and disclosures required in a full set of financial statements and should be read in conjunction with the audited annual financial statements of the Company for the year ended December 31, 2020.

Estimates, judgements and risk management policiesThe preparation of these condensed interim financial statements in conformity with approved accounting standards, as applicable in Pakistan, requires the management to make judgments, estimates and assumptions that affect application of accounting policies and reported amounts of assets, liabilities, income and expenses.

The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

Risk management policies and procedures are consistent with those disclosed in the audited annual financial statements of the Company for the year ended December 31, 2020.

These condensed interim financial statements have been presented in Pakistani Rupees, which is also the functional and presentation currency of the Company.

Significant areas of estimation uncertainty and critical judgments in applying accounting policies that have the most significant effect on amounts recognized in these condensed interim financial statements are the same as those disclosed in the audited annual financial statements of the Company for the year ended December 31, 2020.

Basis of measurementThese condensed interim financial statements have been prepared under the historical cost convention except certain financial instruments that are carried at fair value.

Significant Accounting Policies

There are certain new standards, amendments and International Financial Reporting Interpretations Committee (IFRIC) interpretations that became effective during the period and are mandatory for accounting periods of the Company beginning on or after January 01, 2021 but are considered not to be relevant or not to have any significant effect on the Company's operations. The new standards, amendments and IFRIC interpretations that are relevant to the operations of the Company are disclosed in the audited annual financial statements of the Company for the year ended December 31, 2020.

There are other new standards, amendments and IFRIC interpretations that are mandatory for accounting periods of the Company beginning on or after January 01, 2021 but are considered not to be relevant or not to have any significant effect on the Company's operations. The new standards, amendments and IFRIC interpretations that are relevant to the operations of the Company are disclosed in the audited annual financial statements of the Company for the year ended December 31, 2020.

Standards, amendments to published approved accounting standards and interpretations becoming effective in future periods:

The accounting policies and methods of computation followed in the preparation of these condensed interim financial statements are the same as those applied in the preparation of the audited financial statements of the Company for the year ended December 31, 2020.

Application of new and revised international financial reporting standardsStandards, amendments to published approved accounting standards and interpretations becoming effective in current period:

2.22.2.1

2.2.2

2.3

2.4

2.52.5.1

2.5.2

33

2.1.3

2.1.4



34

Operating fixed assets - owned


Operator's Fund

3.1 Additions and deletions in property and equipment

Furniture and F ixtures

Office Equipments

4

Held to maturity

4.1

5

Participants' takaful fund

Due from takaful contract holders

Considered good

Considered doubtfulLess: provision for impairment

Due from other takaful / retakafulConsidered good

Considered doubtfulLess: provision for impairment

These are Islamic in nature so profit percentage is not pre-decided and is due to mature by April 2022 (December31, 2020: April 2021). Term deposit of 'Participants’ takaful fund' is placed with the related party, Silk Bank Limited.

TAKAFUL / RETAKAFUL RECEIVABLES

Following are the additions and deletions in operating fixed assets of 'Operator's fund' during the period.

INVESTMENTS IN TERM DEPOSIT RECEIPTS

3 PROPERTY AND EQUIPMENT

June 30, December 31,2021 2020

(Unaudited) (Audited)Rupees Rupees

4,859,378 5,716,916

2,406,536 2,465,642

7,265,914 8,182,558

2021 2020 2021 2020


- - 35,000 -

180,500 - 11 ,000 -

180,500 - 46,000 -

Note

June 30, 2021

(Un-audited)

December 31,2020

(Audited)

June 30, 2021

(Un-audited)

December 31,2020

(Audited)

4.1 1,100,000 1,100,000 - 60,141,710

---------------------------R upees---------------------------

Additions (at cost) Deletions (at net book value)

Six-months period ended Six-months period ended

Participants' takaful fund Operator's fund

June 30, 2021

(Un-audited)

December 31,2020

(Audited)

Rupees Rupees

14,482,491 13,895,444

14,546,930 8,424,272 (14,546,930) (8,424,272)

- -

14,482,491 13,895,444

62,130,690 169,024,846

5,888,631 9,848,776 (5,888,631) (9,848,776)

- -

62,130,690 169,024,846

76,613,181 182,920,290

operating fixed assets of Participants’ Takaful Fund during the period.There were not additions / deletions in



35

There is no significant change from contingencies reported in the audited annual financial statements for the year ended December 31, 2020.

- 92,619,981

5,480,552 96,244,093

5.1

The United Insurance Company Limited

Maximum aggregate amount due from these related parties at any time during the year.

Due from takaful contract holdersSilk bank LimitedThe United Insurance Company Limited

Due from insurers / reinsurers

This includes receivable from the following related parties:

5,480,552 3,221,087 - 403,025

5,480,552 3,624,112

6


Sales tax payable

Federal takaful fee

Payable to related parties

Others

Operator's fund

Agents commission payable

Accrued expenses

Other tax payables

Payable to conventional business of the company

7 CONTINGENCIES AND COMMITMENTS

OTHER CREDITORS AND ACCRUALS

June 30, 2021

(Un-audited)

December 31,2020

(Audited)

Rupees Rupees

38,705,131 44,392,849

87 ,312 377,780

1,425,000 1,425,000

1,264,835 1,060,773

41 ,482,278 47 ,256,402

16,980,448 38,186,100

795,293 3,504,296

190,304 264,777

13,677,820 12,101,866

31 ,643,865 54,057,039

73,126,143 101,313,441

June 30, 2021

(Un-audited)

December 31,2020

(Audited)

Rupees Rupees



8

Written gross contribution

Contribution earned

Net Contribution

Add: Opening - prepaid re-takaful contribution

Less: Closing - prepaid re-takaful contribution

Less: Wakala Fee

Contribution net of Wakala Fee

Add: Opening - unearned contribution reserve

Less: Closing - unearned contribution reserve

Re-takaful contribution ceded

Less:

Re-takaful expense

NET CONTRIBUTIONS REVENUE


2021 2020 2021 2020


28,680,104 87 ,293,426 66,872,866 94,909,833

(16,998,939) (31,012,668) (34,900,808) (52,277 ,953)

11,681,165 56,280,758 31,972,058 42,631,880

73,634,004 80,367,820 80,183,312 134,600,774

(59,840,537) (69,597 ,284) (59,840,537) (69,597 ,284)

25,474,632 67,051,294 52,314,833 107,635,370

23,370,721 21,315,089 33,300,626 42,165,723

27,531,101 37 ,977,948 34,299,542 39,664,029

(27,908,525) (29,039,465) (27,908,525) (29,039,465)

22,993,297 30,253,572 39,691,643 52,790,287

2,481,335 36,797,722 12,623,190 54,845,083



Less: Closing - unearned re-takaful rebate (5,265,810) (6,685,545) (5,265,810) (6,685,545)

4,408,436 6,079,361 8,133,003 10,968,189

9


Retakaful rebate received

Add: Opening - unearned re-takaful rebate

RE-TAKAFUL REBATE EARNED

2021 2020 2021 2020


3,776,665 4,586,493 5,836,098 9,067,061

5,897,581 8,178,413 7,562,715 8,586,673



10

Operator's fund

Commission paid or payable

Add: Opening deferred commission expense

Less: Closing deferred commission expense

Net Commission

COMMISSION EXPENSE

2021 2020 2021 2020


4,383,783 7,333,381 9,552,445 15,748,956

12,495,341 14,064,906 14,218,937 16,222,877

(8,874,943) (11,537 ,672) (8,874,943) (11,537 ,672)

8,004,181 9,860,615 14,896,439 20,434,161





37

Related parties comprise of chief executive officer, directors, major shareholders, key management personnel, associated companies, entities with common directors and post employment benefit plans. The transactions with related parties are carried out at commercial terms and conditions and compensation to key management personnel is on employment terms. Transactions with related parties other than those which have been specifically disclosed elsewhere in these condensed interim financial statements are as follows:

12

11


Claims paid

Claims expense

Less: Re-takaful and other recoveries received

Add: Closing - re-takaful recoveries in respect of outstanding claims Less: Opening - re-takaful recoveries in respect of outstanding claims Re-takaful and other recoveries revenue

Net claim expense

Transactions

Associated Companies

Written gross contribution

Contribution ceded to retakaful

Claim paid

Re-takaful and other recoveriesReceived/adjusted during the year

Bank charges

Profit on term deposit receipt

Provident fund planContributions made during the period

RELATED PARTY TRANSACTIONS

Less: Opening outstanding claims including IBNR

NET CLAIMS

Add: Closing - outstanding claims including IBNR

2021 2020 2021 2020


46,711,087 15,953,678 111,219,061 29,316,757

129,868,349 66,435,132 129,868,349 66,435,132

(80,696,118) (64,758,417) (130,703,634) (61,741,606)

95,883,318 17 ,630,393 110,383,776 34,010,283

19,771,108 9,581 ,825 29,553,073 14,715,188

84,743,865 22,426,658 84,743,865 22,426,658

(50,572,298) (19,981 ,210) (48,411,168) (20,784,167)

53,942,675 12,027,273 65,885,770 16,357,679

41 ,940,643 5,603,120 44,498,006 17 ,652,604



June 30, 2021

June 30, 2020

Rupees Rupees

2,469,425 1,470,264

13,148,434 24,315,691

(723,381) (82,430)

7,733,519 5,925,158 (3,686,834) (3,108,201)

619 532

15,081 59,662

147,458 182,807



38

13


17 ,945,529

7,831 ,305

25,859,256

7,721 ,342

2,592,329

61,949,761

744,454 1,123,096 2,355,432 - 102,500 4,325,482

275,606

68,507

193,338

38,000

22,172

597,623

18,965,589

9,022,908

28,408,026

7,759,342

2,717,001

66,872,866

Wakala Fee 11 ,802,709

3,735,014

15,265,510

1,545,611

2,551 ,964

34,900,808

Takaful contribution earned 17 ,704,057

5,432,968

23,031,443

2,318,416

3,827 ,949

52,314,833

Contribution ceded

Net takaful contribution (570,902)

256,138

9,329,290

2,318,416

1,290,248

12,623,190Rebate income 4,105,364

1,253,429

2,160,669

-

613,541

8,133,003

Net underwriting income 3,534,462

1,509,567

11 ,489,959

2,318,416

1,903,789

20,756,193

Takaful claims (73,693,174)

(4,367,977)

(11,602,297)

(17,899,541)

(2,820,787)

(110,383,776)Takaful claims recovered

Net claims (18,243,366) 1,079,763 (7 ,037,528) (17,899,541) (2,397,334) (44,498,006)

Contribution deficiency expense (1 ,884,397) - (2,536,485) (1,401,628) (2,263,441) (8,085,951)

Direct expenses (1 ,923,888)

(915,294)

(2,881,738)

(787 ,116)

(275,615)

(6,783,650)

Net takaful claims and expenses (22,051,651)

164,469

(12,455,751)

(20,088,285)

(4,936,390)

(59,367 ,607)

Underwriting results 25,586,113

1,345,098

23,945,710

22,406,701

6,840,179

(38,611,414)

Investment income -

-

-

-

- 15,081

Other income -

-

-

-

-

39,390

Surplus for the period (38,556,943)


13,716,715

55,149,360

10,747,286

8,042,476

213,179,575

Unallocated assets -

-

-

-

-

18,017,209

125,523,738 13,716,715 55,149,360 10,747,286 8,042,476 231,196,784

Segment liabilities 130,752,112

4,573,062

38,988,468

7,785,444

7,707 ,812

189,806,898

Unallocated liabilities -

-

-

-

-

55,254,348

130,752,112

4,573,062

38,988,468

7,785,444

7,707 ,812

245,061,246

Operator's Fund

Wakala fee 11 ,802,709

3,735,014

15,265,510

1,545,611

2,551 ,964

34,900,808

Commission expense (6,479,279)

(2,054,372)

(5,613,580)

-

(749,208) (14,896,439)

-

-

-

-

-

(20,258,001)

Investment Income -

-

-

-

-

1,605,884-

-

-

-

-

Other income - - - - - 174,139-

-

-

-

-

Direct expenses - - - - - (1,151,791)

Profit for the period 374,600

Segment assets 4,300,353 320,773 3,721 ,211 - 532,606 8,874,943

Unallocated assets - - - - - 72,002,464

4,300,353 320,773 3,721 ,211 - 532,606 80,877,407

Segment liabilities 10,512,057 633,846 13,369,157 1,860,157 1,653,048 28,028,265Unallocated liabilities - - - - - 27 ,537,266

10,512,057 633,846 13,369,157 1,860,157 1,653,048 55,565,531

Health Miscellaneous

SEGMENT INFORMATION

Six-months period endedJune 30, 2021 Total

from retakaful 55,449,808 5,447,740 4,564,769 - 423,453 65,885,770

to retakaful (18,274,959)

(5,176,830)

(13,702,153)

-

(2,537,701)

(39,691,643)

---------------------------------Rupees---------------------------------


Marine, aviation and transport Motor

Gross direct contribution

Facultative inward contribution

Administrative surcharge

Gross written contribution

As at June 30, 2021



Marine, aviation and transport Motor Health Miscellaneous Total

---------------------------------Rupees---------------------------------

Management expense

As at June 30, 2021



39


Wakala FeeTakaful contribution earned

Net takaful contributionRebate income

Net underwriting income

Takaful claims

Net claims

Contribution deficiency expense

Direct expenses

Net takaful claims and expenses

Underwriting resultsInvestment incomeOther income

Surplus for the period

Segment assets Unallocated assets

Segment liabilities Unallocated liabilities

Operator's Fund

Wakala feeCommission expense

Investment incomeOther incomeDirect expenses


Segment assets Unallocated assets

Segment liabilities

Unallocated liabilities

Contribution ceded

Gross written contribution

Gross Direct Contribution Facultative inward contribution

Administrative surcharge


General, administrative and management expenses


Takaful claims recovered


32,300,983 9,957 ,681 41 ,526,711 7,740,291 3,384,167 94,909,833

19,595,780 9,670,337 23,693,472 7,702,291 1,670,574 62,332,45412,401,795 244,576 17 ,670,659 - 1,695,769 32,012,799

303,408 42,768 162,580 38,000 17 ,824 564,580

20,145,228 4,240,557 20,277,841 6,059,144 1,555,183 52,277,95341,251,071 9,105,584 41 ,339,481 14,581,336 1,357 ,896 107,635,368

7,430,374 3,396,120 30,312,885 14,581,336 (875,634) 54,845,0816,770,968 1,265,345 2,027 ,020 - 904,856 10,968,189

14,201,342 4,661 ,465 32,339,905 14,581,336 29,222 65,813,270

(15,790,292) (5,498,771) (9,203,998) (2,991,370) (525,852) (34,010,283)

(6,856,970)

(1 ,179,878)

(6,538,364)

(2,991,370) (86,022)

(17,652,604)

(23,568,857)

(1 ,324,254)

(2,233,539)

-

1,553,037

(25,573,613)

(3,536,392)

(1 ,090,192)

(4,546,448)

(847 ,426) (370,507)

(10,390,965)

(33,962,219)

(3,594,324)

(13,318,351)

(3,838,796)

1,096,508

(53,617,182)

(19,760,877) 1,067 ,141 19,021,554 10,742,540 1,125,730 12,196,088- - - - - 59,662-

-

-

-

-

127,541

12,383,291

142,954,310 22,653,595 107,295,380 7 ,033,498 17,767 ,546 297,704,329-

-

-

-

-

14,698,378

142,954,310 22,653,595 107,295,380 7 ,033,498 17,767 ,546 312,402,707

101,730,955

8,668,788

96,715,137

5,537,545

27 ,009,066

239,661,491-

-

-

-

-

48,048,735

101,730,955 8,668,788 96,715,137 5,537,545 27 ,009,066 287,710,226

20,145,228

4,240,557

20,277,841

6,059,144

1,555,183

52,277,953(9,216,715)

(1 ,817,830)

(6,553,630)

(2,315,046)

(530,940)

(20,434,161)

-

-

-

-

-

(23,928,392)-

-

-

-

-

6,135,442

-

-

-

-

-

35,335-

-

-

-

-

-

-

-

-

-

(1 ,086,533)

12,999,644

6,632,659

421,503

6,197 ,550

- 967,225

14,218,937

-

-

-

-

-

97 ,078,889

6,632,659

421,503

6,197 ,550

-

967,225

111,297 ,826

12,174,249

720,490

15,758,346

302,031

3,118,212

32,073,328- - - - - 54,057,039

Motor Health Miscellaneous Total

---------------------------------Rupees---------------------------------

(33,820,697) (5,709,464) (11,026,596) - (2,233,530) (52,790,287)

16,357,679 8,933,322 4,318,893 2,665,634 - 439,830


Marine, aviation and transport

12,174,249

720,490

15,758,346

302,031

3,118,212

86,130,367



14 DATE OF AUTHORIZATION FOR ISSUE

These condensed interim financial statements were authorized for issue by Board of Directors of the Company in its meeting held on August 28, 2021_.

15 GENERAL

Figures have been rounded off to the nearest Rupees.

These are separate condensed interim financial statements of Window Takaful Operations of the Company and are annexed with the condensed interim financial statements of the Company as per requirement of Takaful Rules, 2012.

There is no unusual item included in the condensed interim financial statements which is affecting the assets, liabilities, profit / surplus / loss / deficit, comprehensive income / loss, funds or cash flows of the window takaful operations of the Company.

40

15.1

15.2

15.3




Head Office:UIG House,1- Upper Mall, Lahore.Tele.: 92-42 35776561- 62, 67, 68Fax: 92-42 35776560Email: [email protected]: www.spiinsurance.com

2nd Quarter Report 2021 solna plates - spiinsurance.com.pk

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